Our state was facing a crisis with OVER $6 billion in unfunded liabilities, but your lawmaker took action.
SB 72 is the first step that put our state on the right track. The pension is currently at 69% of necessary funding. At these levels, and due to past mismanagement, the fund was in danger of a "death spiral" in the event of economic downturn.
The provisions in SB 72 have helped secure the long-term solvency of our state’s pension: over the next 25 years, it’s expected to cut nearly all of the $6.3 billion unfunded liability, which taxpayers would have to foot if costs had been allowed to spiral out of control.
There is more work to do, but this is an essential first step towards shoring up our pension system.